Global ad spend increases by $12.9bn in Q1 of 2018
The global advertising spend for the first quarter of 2018 increased by $12,9 billion according to report released by Statista; The Statistics Portal.
The Statista is a platform that generates its statistics and studies from more than 22,500 sources.
According to the report tagged “Global Advertising Spending from 2014 to 2020 (in billion U.S dollars); a total of $147.7675 billion was recorded in the first quarter of 2017.
The report states further that about $160.7150 billion was recorded in the first quarter of 2018; thereby having an increase of $12.9 billion over the same period last year.
The report which was represented in a graphical format depicts the global advertising spending in 2014 and 2015 and a forecast until 2020. In 2017, ad expenditure worldwide is expected to exceed 591 billion U.S. dollars. The source projected it would further grow to 724.1 billion by 2020.
According to the report, Television is the largest advertising medium worldwide, noting that in 2016, it accounted to 35.5 percent of the ad spend. The largest ad market was the United States with 190.8 billion U.S. dollars in ad spending, followed by China and Japan.
It is expected that the Nigerian advertising industry is expected to experience a boost in 2018 due to major events that are likely to generate money for the industry.
In a recent report titled: “Out-of-home advertising opportunities in 2018” written by Founder/CEO, Consumer Scores International Limited, Akachi Ngwu, sees a favourable outlook for 2018, especially for practitioners who are well-positioned and prepared.
According to him, “There are major events that will drive patronage for OOH service providers. Chief among these activities are political campaigns ahead of the 2019 general elections. The high political season will actually dominate the outdoor advertising portfolios of OOH agencies. This will moderate commercial campaigns, which are often the bread and butter of advertising practitioners in Nigeria.”
He, however decried the poor performance of the industry in 2017 characterized by massive vacant billbopards across the country.
In huis words:“While it may be too early to obtain comprehensive data on outdoor advertising spend in 2017, it was an unfavourable year for the industry in terms of patronage and regulatory interference. Although Nigeria emerged from an economic recession, the International Monetary Fund said the country is in need of urgent macroeconomic and structural reforms to support private sector-led growth.”
“As the economy grew at a projected 0.8% last year, the outdoor advertising landscape was characterised by massive vacant billboards, short-span advertising campaigns, cancellations of existing relationships, among other adverse trends.”
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